Polymarket, the blockchain-based betting platform, has launched on Solana, allowing users to make deposits using the network, the company announced on Monday via X.
Known for its real-money prediction markets, Polymarket enables users to wager on a broad range of topics, adjusting odds dynamically based on market activity.
Current high-profile bets include the political futures of global leaders, the outcome of Canada’s upcoming election, and cryptocurrency price movements.
More unconventional wagers include whether Jesus Christ will return in 2025, currently assigned a 3% probability.
Whales Won Millions Betting on Trump, But 86% of Polymarket Traders Have Lost Money
Prediction market Polymarket shot to prominence amid the recent U.S. election, attracting monthly trading volume just shy of $2.5 billion in October with over $1.2 billion more already racked up in November. Some users made millions betting on the election—but ultimately, data suggests that most bettors have actually lost money using the platform to date. Polymarket has allowed users to bet on most events and cultural questions circulating this year, from who will win the U.S. Presidential elect...
The number of users engaging with blockchain-based betting platforms has been on the rise, with aspirations of capturing a fraction of the figures from the traditional betting industry.
Forecasted to grow to $133.59 billion by 2029 and amassing over 25 million users in 2022, the traditional market is exploding, with estimates suggesting nearly 40 million users by 2025.
With more than $11.4 billion in trading volumes over the past year, Polymarket has built a reputation for accurately predicting events, including the outcome of the U.S. presidential election last November.
However, the platform has also faced regulatory scrutiny.
Last year, authorities in Taiwan prosecuted an individual for using the platform to bet on the nation’s presidential election, violating local gambling laws. Authorities in countries including Thailand, Singapore, and France have banned the site.
The platform is also officially off-limits to U.S. users following a 2022 settlement with the Commodity Futures Trading Commission “for offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility.”
Polymarket Blocks Users in France After Trump Betting Controversy
After weeks of escalating tensions between Polymarket and the French government, the popular prediction betting market opted to block France-based users on Friday—cutting out a major market for the site. Users attempting to access the site from France today found a new pop-up preventing them from doing so. “You appear to be located in the United States, France, or another related jurisdiction,” the new pop-up reads. “Trading is not available to U.S. persons, persons located in the United State...
In November 2024, the FBI raided the New York apartment of CEO Shayne Coplan, seizing his phone as part of an investigation into the platform’s use by U.S. customers.
Despite regulatory headwinds, Polymarket’s standing in political and financial circles appears to be shifting.
On March 8, Coplan participated in the White House Digital Roundtable, a crypto summit attended by President Trump and high-profile CEOs, founders, and investors in the industry.
Announcing the invitation on X, he praised the government’s evolving stance, stating, “This admin's commitment to collaboration with American innovators is revitalizing the American dream. The future is bright.”
Edited by Sebastian Sinclair
